Bancap Self Storage Group, Inc. announced it recently completed the sale of Lock-It Lockers in the city of San Diego, California. Dean Keller, the firm’s president, was the exclusive listing agent and sole broker of the transaction. The seller was the original private developer of the property. The buyer was Extra Space Storage, a publicly traded national REIT (real estate investment trust.)
The property, which has already been rebranded as Extra Space Storage, is located in the desirable Mission Valley area in the heart of San Diego surrounded by a wide variety of commercial, retail, office and residential uses. The facility has approximately 56,700 net rentable square feet of self storage space demised into over 750 units with outdoor vehicle spaces and a cellular service site. With over 1,000 feet of freeway frontage in one of the most under-served markets in the country, the property was a rare opportunity to buy a Southern California “trophy property” with additional upside potential.
“This was a very well thought out and executed sale by the owners who originally built the facility” said Dean Keller. “They really did their research and understood the market well. We were pleased they selected us to represent them in the sale of this asset,” he continued.
Jed Burton, Vice President and Associate General Counsel for Extra Space said, “I’ve never worked with a broker who has been so fully engaged and added as much value to a transaction as Dean did on this deal. He really got into the weeds, solved problems and kept the ball rolling, all with an extremely high level of professionalism. It was a pleasure working with him and I hope we have the opportunity to do so again."
Bancap Self Storage Group is one of the top self storage specialist brokers in the industry with a track record of over $1.35 billion in completed self storage sales. The company has specialized exclusively in self storage properties for over 30 years. Dean Keller, President, is currently the Chairman Emeritus of the California Self Storage Association Board of Directors and a member of the Board of Governors for the national Self Storage Association Foundation.
For more information about this transaction, visit Bancap Self Storage Group website at BancapSelfStorage.com.